In Part 4 of the experiment, there will be another task round just like in Part 1. But before that, you will have a chance to see performance (measured by total ECU earned in Part 1) of other participants who did the same task as you did in Part 1.
Again, we have ranked the performance of the 50 participants into five intervals (see below), and you will have the opportunity to see the average performance of participants ranked in one interval.
There will be also be a "Not interested" option if you are not interested in such information.
Over the next few pages, you will be asked to state how much you are willing to pay to receive information about the performance of other participants.
You are provided with 200 ECU in Part 3 that you can use to pay for this information.
You will be asked up 5 questions, each corresponding to an interval below. The sequence of these questions will depend on your preferences over the 5 intervals.
For each question, you will be asked to select a preferred interval and state the maximum amount you are willing to pay to see the average performance of participant ranked that interval.
One of the 5 questions will be selected at the end of the experiment to determine the information you receive and your payment.
In you select "Not interested" in any of the 5 questions, it means you are not willing to pay to see the information, and we will stop asking you the remaining questions.
In each question, you will be shown a table similar to the one below.
There is a list of prices from 0 ECU to 200 ECU. For each price, you are asked to indicate whether you would buy the information at that price.
You can fill the table by adjusting the slider on the left to indicate the maximum price you are willing to pay for the information. All the prices in the table that are less than or equal to this maximum price will be ticked "Yes" and all the prices in the table that are higher than this maximum price will be ticked "No".
Example: Suppose you select 100 ECU as the maximum price you are willing to pay. The table below shows how your decisions will be reflected.
100 ECU
As mentioned previously, one of the 5 questions will be selected at the end of the experiment to determine the information you receive. In that question, the computer will randomly select one row in the table.
The row that the computer randomly selects will determine the final price for the information. Your decision in that row will then determine whether or not you will purchase the information at that price.
Example 1: Suppose you have selected 100 ECU as the maximum price you are willing to pay, and the computer randomly selects the row highlighted in red for payment. Then, you will receive the information, pay a price of 40 ECU for it, and keep the remaining 160 ECU.
Example 2: Suppose you have selected 100 ECU as the maximum price you are willing to pay, and the computer randomly selects the row highlighted in blue for payment. Then, the information will be priced at 180 ECU, and you will not pay for it. You will keep the 200 ECU, but you will not receive any information.
100 ECU
Note that, since each row has the same chance of being selected, you are more likely to receive the information if you state a higher maximum price.
{{formfields}}When you are ready, please click the "Next" button to proceed to the questions.